Metals trader hits AIM

Leading London metal trader Wogen, which specialises in trading metals that do not have tradable contracts on exchanges, will join AIM on Monday after raising £20 million at 122p a share.

Wogen’s specialities include some of the more esoteric elements like chromium, cobalt, indium, titanium, tungsten and vanadium. As such, the group frequently ships the metals and delivers them to customers, rather than merely buying and selling options on delivery.

The company, established for over 20 years, has four offices in China and has experienced strong growth there in recent years. In the year to last September a £6.9 million profit before tax was made on £133 million turnover. More than double this profit has been made – £14.6 million – in the first nine months of the current financial year.

The founders, led by executive deputy chairman Colin Williams, will remain involved with the business following the float. Williams will retain a 29.96 per cent stake. The placing gives the company an initial value of £54.8 million. New investors may have been attracted by the six per cent dividend the company intends to pay next year.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

Related Topics

Early Stage Funding